The Ledger : Accounts Receivable

Itty Bitty Timesavers

Jennifer Maroney — Tue, 17 Nov 2009 12:57:00 GMT

Hey blog readers! I found a great post on The Book Bag that I wanted to share with you. If you've liked The Ledger time savers you must check out the Itty Bitty Timesavers post. It lists some great tips and tricks to save you a few seconds here and there. Remember, a few seconds saved on each task quickly adds up to extra hours and who can't use more hours in their day ?

Talk to you soon!

Journal References Are Supposed to Mean Something?

Jennifer Maroney — Tue, 06 Oct 2009 12:11:00 GMT

Do you ever wonder what the transaction Reference column on the General Ledger Report or Post Report means? If you do, then this post is for you! The Reference, also known as journal reference, is created when you post from subsidiary ledgers (AP, AR, FA, CR, SB, and PY) or in detail from The Raiser's Edge. The journal reference defaults are defined in Configuration, can be customized for your organization's needs, and can even be defined for each transaction type.

Journal references are displayed on:

The transaction detail on an account record
The post report
The Journal Entry batch
All General Ledger reports where Reference is an available field

There are a few things to keep in mind when you set up your journal references. First, the total number of characters in a journal reference cannot exceed 50 characters. Secondly, changes to journal references are not retroactive, so the changes will only affect items that are not yet posted. Finally, when you create the references, make sure you include necessary details for an effective audit trail.

So let's get to the process...

For FE subsidiary ledgers, go to Configuration and click Posting Information. Then highlight the transaction type and select the appropriate field names and field lengths. Remember to define the journal reference for both the debit and credit side of transactions by marking the Debit or Credit option in the dark gray bar.

To define the journal reference in RE, go to Configuration, click General Ledger, and select the field names and lengths; you will see a sample of the journal reference at the bottom of the screen.

Don't see what you want? You can add custom fields to FE or RE by clicking Fields and entering the new name. Not sure how or why you would need a custom field? Try using them to emphasize specific transaction types such as INT- for Interfund entries and APPL- for Application entries.

For more information on customizing journal references or step-by-step instructions, take a look at the Posting Information section of the RE or subledger Configuration Guides.

Duplicate Vendors?

Wade Sexton — Mon, 28 Sep 2009 18:39:00 GMT

Many times vendors are entered into FE twice by accident. This is usually done because a user cannot find a vendor and then assumes that the vendor has never been entered into the system.

Fortunately this problem can be resolved easily and quickly. There is an option called Merge Vendors located in Administration. This will allow you to combine the two vendors into one, activity and all.

As you can see, there are two fields on this screen. So what's the difference? Well, Primary vendor is the record you would like to merge into or the record that will remain. Duplicate vendor is the record you would like to merge into the primary vendor or the record that will be removed.

So let's say we want to merge two vendor records.

Be sure you have a current backup.

Begin by selecting the vendor records by clicking on the binoculars and browsing for the records. Then click Merge Now to combine the two records into one: the primary record. It's as simple as that!

Oh and by the way, this same process is available in Accounts Receivable for clients.

An Easy Way to Open a Group of Records

Karen Badham — Fri, 28 Aug 2009 17:51:00 GMT

Have you ever had a situation where you need to edit a whole list of records? There are many ways you can do this, from editing each record individually, to global change, to import. But what if what you are trying to accomplish can't be done with global change or import and the task seems too daunting to hunt and peck for each record? Don't despair; there is a tool you can use. I call it Open Query as a List.

Create a query with the proper criteria that fits the list of records you want to edit. On the Results tab double click the top row to open the first record. Once the record is open, make the necessary edits and click Save and Continue. Then use the blue arrows at the top to scroll through each record in the query. This is much easier than searching for each record!

Take a look at the solution, How to scroll through records, for step-by-step instructions.

The Best Button Ever

Karen Badham — Thu, 13 Aug 2009 14:25:00 GMT

I am going to share with you one of my favorite tips for importing. It’s called the browse button. This button will give you examples of what the import will take for a particular field. On the Fields tab of the import parameter, highlight an import field line and then click the Browse button. It’s in white text on the dark gray bar towards the bottom right. A Browse box will pop up with examples of what can be imported for that field.

I hope this helps your import process!

Five Step Method for Creating the Perfect Query

Kellie Wingfield — Thu, 23 Jul 2009 14:01:00 GMT

Ever wonder, "How am I going to get a list of this information?" Oftentimes, you need to pull data from our system, but how can you? These are the times to look to a query. What is a query? Queries retrieve raw data and present it in a list format. It is a grouping tool, not a reporting tool. A query can also be used in dashboards, exports, searches, global changes; basically in every module of The Financial Edge. I have a five step method for creating the perfect query. These questions help resolve most issues surrounding queries. So what are these magical steps? I am glad you asked!

What kind of records do I need to group together?
This will determine the query TYPE. For example, you can choose Vendor, Invoice, Transaction, or Employee.
Do I want the list to be updated?
This is the format selection between STATIC and DYNAMIC. More information can be found in the Static vs. Dynamic post.
What do my desired records have in common?
This selection is made on the Criteria Tab. Are they Vendors that are all marked 1099? Are they transactions entered on the same date?
What do I want to know about the results?
The answers can be used to determine the fields on the Output Tab. Do I need to see the Vendor name or ID? Do I need to only see the post date or the transaction date?
What order do I need to see the result (or what order do the columns need to be in?)
The answers can be used to determine the fields on the Sort Tab. Do I need Employee Name before Hire date?

Use these five steps as a guide to make the perfect query every time!

Help for Error Headaches!

Jennifer Maroney — Tue, 21 Jul 2009 16:16:00 GMT

Are you getting an error and don't know what to do? I found this great post in The User's Edge blog that I wanted to share with you. Check out Sarah's Shortcuts: Lions, tigers, and errors, oh my!

Talk to you soon!

You’re Never Too Cool for School

Libby Weiskittel — Mon, 13 Jul 2009 12:27:00 GMT

Has a new process recently been added to your plate? Are you frustrated because it's easy to get stuck and you're not quite sure of the best way to accomplish this unfamiliar task? Instead, why not acquaint yourself with the new process by signing up for a distance learning class...

(Dreamy clouds forming)

Visualize yourself in your favorite locale, just logging in to meet a friendly informed instructor ready to guide you through a class tailored to meet your specific needs.

(Dreamy clouds softening)

~ 1 revealing class later ~

Voila! No more frustration. The process is now familiar.

Many of our distance learning classes focus on a single topic that isn't addressed in Blackbaud University or regional classes. For example, if you're used to working exclusively in General Ledger, but now you're trying to embrace Accounts Payable too, you can learn all about it in "Accounts Payable Essentials Online".

...Not to mention:

Save money! Taking advantage of this option saves you and your organization time and money - no travel is required!
Exceptional Instructors! Blackbaud's distance learning instructors specialize in online delivery.
Meet other people in your shoes! You will have the chance to interact with your instructor and other participants with Centra's live chat features.

Furthermore, you can purchase the Blackbaud Distance Learning Pass for The Financial Edge which provides your organization with unlimited attendance to distance learning classes as well as the eLearning Library.

To purchase your training pass and start learning today - from anywhere -contact your account manager at 800.443.9941 or at solutions@blackbaud.com.

Laters!

Improve Your Data's Quality and Consistency

Jennifer Maroney — Wed, 08 Jul 2009 15:30:00 GMT

A list of procedures and rules can improve your data's consistency and quality, and save you time and effort when entering data, preparing reports, and reconciling. I recommend compiling the procedures and rules to create a policies and procedures manual, also known as a data entry guide. The manual should specify how you enter and maintain records, and perform various functions related to your database. By documenting rules and guidelines, you can ensure consistent data entry. Here are some items to consider for your policies and procedures manual.

Soft close all periods except the current period and the next period. Closing previous periods prevents accidental posting to a closed and balanced period. By closing periods in the future, you prevent inadvertently posting transactions to periods that should not yet be affected.
Use journal codes correctly. Journal codes, also known as source codes, tell you the origin of a transaction. The codes specifically assigned to sub-ledgers should never be used in journal entries and vice versa. In GL Journal Entry, you can define which journal codes are allowed to prevent any errors. Check out BB58058 for the steps.
Create recurring journal entries for your regularly occurring journal entries. These templates allow you to define transactions and/or distributions to use over and over again.
Create distribution templates for commonly used distributions so all you have to do is select the template instead of manually typing in each account number, amount, project, or t-code. Using distribution templates not only prevent data entry errors but also save time, especially if you have detailed distributions.
Use business rules to promote accuracy and consistency. There are a variety of business rules that allow you to determine some things that should or should not be allowed in your database. Some examples include not posting zero dollar amounts, excluding inactive records from searches, allowing non-bank transactions to cash accounts, and automatically assigning record IDs. Each sub-ledger has its own business rules to set. Check out these solutions for some business rule tips: General Ledger | Accounts Receivable | Student Billing | Payroll
Configure security groups to restrict user rights. Carefully consider which users need what rights. For example, not all users should have access to voiding, deleting, or purging transactions. Depending on your organization's size and needs, you may be able to set up just one or two security groups or you may need to set up a separate security group for each user.

Talk to you soon!

Bank Adjustments with Ease

Geoff Sharbrough — Tue, 23 Jun 2009 16:41:00 GMT

Do you need to transfer money from one bank account to another in The Financial Edge? Instead of creating the manual journal entries to the cash account and then having to remember them when reconciling, wouldn't it be nice if FE did this for you? Cash Management is here to save the day!

Cash Management is an optional module that can help streamline processes associated with your banks, such as create bank adjustments, clear transactions electronically, and reconciliation. Since there are already a few blogs out there about bank reconciliation, let's discuss bank adjustments.

You can use bank adjustments to record transactions, such as bank fees or interest, and to transfer funds from one bank to another. Adjustments are created by clicking Create a new adjustment under Cash Management tasks on the Banks page.

When creating an adjustment to record a regular bank fee you can save time by creating an Adjustment Category. When you create the adjustment simply select the category and the fields will default in for you.

Transferring money between banks allows you to record the movement of funds out of one bank account and into another. Click to create a new adjustment under Cash Management Tasks. On the adjustment screen, enter the date, amount, and other appropriate information on the adjustment. In the drop down select Transfer Out and then select the bank account to transfer the money to on the Transfer To field. Once you save and close the adjustment, the balancing adjustment is reflected in both banks.

Want to see if you have Cash Management installed? Check out Knowledgebase solution BB61838 . If you don't have it installed contact your account manager for details.

Static vs. Dynamic: What’s the Difference?

Kellie Wingfield — Mon, 22 Jun 2009 12:16:00 GMT

One of the most common query questions we get has to do with the static and dynamic format. Which should you choose? Let me tell you a story that will explain the difference.

You have two file clerks in the office: Static and Dynamic. You ask them both to find accounts that use account code 5555. Static is the more meticulous of the two, bringing with her a handful of paperclips. She locates the accounts and places a paperclip on each of them. Dynamic just likes the adventure of the task and dives right in. He does not mark each account, but locates them just the same. Both return the same list of accounts. You thank the clerks and they return the files to the file cabinets.

A month goes by and you've added a few more accounts with account code 5555. You ask your willing file clerks to again locate all the accounts with this account code. Static remembers the accounts she pulled earlier and only retrieves the accounts with the paperclips. Dynamic dives right in as usual, but he notices there are more accounts with the account code 5555 than before. This time you get different lists. Dynamic gives you a list of all accounts where Static gives you the same list as before.

The reason? Dynamic will refresh his list with each request so it always includes up-to-date information. On the other hand, Static is more like a snapshot she will always give you the original list. Dynamic queries are the most commonly used type. I would recommend a static query if you always want to capture the same set of accounts, employees, transactions, or vendors.

What a Waste of Paper!

Lisa Lookadoo — Mon, 15 Jun 2009 12:03:00 GMT

"Oh man, I didn’t mean to print that !" Have you ever said that when you validate or post and the report prints? Would you rather see it on your screen instead of wasting paper? Well, you can and it’s easy!

Simply select Tools, Options from the GL menu bar and select the Records tab. Highlight Post Options, change Print Post Report on to Preview Post Report, and click Apply and then OK. That's it, you're done! If you decide you want a printed copy once you view it on the screen, just click the print icon.

Let’s save some trees!

The Ledger Lowdown: Top Questions for May '09

Jennifer Maroney — Tue, 09 Jun 2009 13:39:00 GMT

Each month we keep track of the top questions you ask. This FAQs list includes GL, AP, AR, CR, FA, and general FE questions. To see the FAQs broken out by individual module, review The Financial Edge FAQs on our website. Here are the top FE questions for May and April.

May

Bank Reconciliation shows out of balance to GL Cash Account or vice versa: BB61184
How to import journal entry transactions: BB53174
How to void a posted payment: BB113811
What is Cash Management and how to tell if it is installed?: BB61838
How to add or edit bank adjustments: BB66590
How to set up the queue service to run scheduled queues: BB289850
A reversal transaction does not post for a voided payment: BB219542

April

Bank Reconciliation shows out of balance to GL Cash Account or vice versa: BB61184
How to import journal entry transactions: BB53174
How to void a posted payment: BB113811
How to add or edit bank adjustments: BB66590
What is Cash Management and how to tell if it is installed?: BB61838
How to set up the queue service to run scheduled queues: BB289850
A reversal transaction does not post for a voided payment: BB219542

Talk to you soon!

Meet Ms. Queue

Jennifer Maroney — Fri, 29 May 2009 12:30:00 GMT

Do you run the same reports and queries everyday or every week? Would you like to hire an assistant to just run these reports so you can focus on more important things? FE has your assistant waiting. Please meet Ms. Accounting Queue:

Ms. Queue is proficient in running reports, queries, exports, and posts automatically. The best part is, she works at any hour, does not require vacation, breaks, and bonuses, and no supervision is required. I recommend using Ms. Queue during non-working hours so you can be more productive by utilizing all workstations and printers during working hours.

For more information, check out the Accounting Queue Guide. If you would like to hire Ms. Accounting Queue to work for you, contact your account manager.

Talk to you soon!

Hanging in Suspense

Gregory Bingel — Thu, 28 May 2009 14:43:00 GMT

Some of you may be wondering what a suspense account is and why it is needed in The Financial Edge? Before we dive into the magical world of the suspense account you first need to determine if you're using a single AR Summary Account or multiple ones. This can be done by opening Accounts Receivable, Configuration, clicking Business Rules, and highlighting General. If you use a single AR Summary Account then there is no need to use a suspense account because applications default to ‘Do Not Post’. We will discuss applications a little bit later, but before we do that let’s talk a little bit about the mysterious suspense account.

A suspense account is nothing more than a doubtful receivable account. In The Financial Edge it is used to ensure the program maintains balancing requirements at all levels. The account temporarily houses received revenue until it is applied to an invoice. The suspense account should not contain a balance unless there is an unapplied payment application. If payments are never applied to a transaction, the balance in the suspense account continues to grow, and will not be reduced until the application is applied. When the payment is applied to something, an entry will be created to move the funds from the unapplied payment account to the selected AR account.

The table below shows the journal entries created when posting unapplied and applied transactions. If a payment is entered and applied at the same time, all four transactions will post to the General Ledger concurrently.

	Debit	Credit
Unapplied Transactions	Cash Account	Suspense Account
Applied Transactions	Suspense Account	A\R Account

I hope the above explanation helped to clear up any questions you have about the suspense account and its purpose.